Madras HC Imposes Rs. 10,000 Token Penalty for Wrongful Input Tax Credit Availment, Finds No Fraud or Wilful Suppression of Facts [Read Order]

The Madras High Court viewed that imposition of penalty under the peculiar facts and circumstances of the case is unjustified
Madras high court - Input tax credit - Penalty for wrongful - ITC - TAXSCAN

The Madras High Court imposed a token penalty of Rs. 10,000 for wrongful availment of Input Tax Credit ( ITC ) which was not eligible to be availed, but could have resulted in wrong utilisation. The court found no wilful misstatement or suppression of facts or fraud. The Petitioner, Greenstar Fertilizers Limited is a Central…

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